Blackstone Group (BX) FY2024 10-K Annual Report
Blackstone Group (BX) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 28, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Blackstone Group FY2024 10-K Analysis
Business Overview
- • Core business model: investment management earning management fees from multiple asset classes including Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing
- • No new products or segments explicitly introduced; fee structures detailed with ranges across all existing segments
- • Emphasis on fair value estimation's critical role in performance allocation and management fee calculation, highlighting sensitivity to valuation assumptions
- • Performance Allocations measured using Hypothetical Liquidation at Book Value (HLBV) method, tying accrued income to unrealized fair value changes
- • Detailed breakdown of management fee percentages by asset class and vehicle type, showing fee complexity and diversified revenue streams
Management Discussion & Analysis
- • No revenue or profitability figures disclosed; focus on risk exposures and sensitivities to currency and interest rate changes
- • Estimated 10% decline in foreign currency exchange rates would reduce 2024 management fees by $52.4M and unrealized performance allocations by $683.9M
- • Interest expense would increase by $0.4M annually with a 1% rise in interest rates on $39.9M variable-rate debt
- • Annualized investment income could decrease by $4.0M from a 1% interest rate increase, offset partially by $2.4M rise in other revenue
- • Credit spreads widening by 1% might reduce investment income by $1.5M annually; no direct outlook or guidance provided
Risk Factors
- • Regulatory compliance risk: error delayed Form 4 SEC filing Aug 2, 2024 due to filing agent software failure, refiled same day
- • Geopolitical/exposure: no specific geopolitical or macroeconomic threat detailed in text
- • Operational vulnerability: mandatory vesting schedule for carried interest to incentivize retention amid employee turnover risks
- • Competitive risk: compensation alignment with carried interest critical to attract/retain talent against other alternative asset managers
- • Financial risk: carried interest "clawback" obligations could reduce or reverse compensation up to 67% in case of fund underperformance
Blackstone Group FY2024 Key Financial MetricsXBRL
Revenue
$13.2B
▲ +64.9% YoY
Net Income
$2.8B
▲ +99.6% YoY
Net Margin
21.0%
▲ +365bp YoY
ROE
33.8%
▲ +1341bp YoY
Total Assets
$43.5B
▲ +7.9% YoY
EPS (Diluted)
$3.62
▲ +96.7% YoY
Operating Cash Flow
$3.5B
▼ -14.2% YoY
Source: XBRL data from Blackstone Group FY2024 10-K filing on SEC EDGAR. All figures in USD.
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